LATEST NEWS

Jaguar says 8 pct of RIM shareholders seek CEO change

RELATED QUOTES

SymbolPriceChange
AAPL102.95+6.28
MSFT56.19-0.57
GOOG741.77+3.35

By Pav Jordan

TORONTO (Reuters) - An activist shareholder in Research In Motion says holders of at least 8 percent of the BlackBerry maker's stock back its calls for a sale of the company or at least a radical corporate reshuffle.

Jaguar Financial Corp said it hoped to raise the percentage of stock it represents in RIM even further as talks with additional institutional shareholders bear fruit.

"Our supportive shareholders approve Jaguar's plan to negotiate, at this point in time, changes in governance and the pursuit of a value creation transaction," said Jaguar Chairman and Chief Executive Vic Alboini told Reuters.

Jaguar, a Canadian merchant bank that targets underperforming companies, wants RIM to hire a new chief executive to replace current co-CEOs Mike Lazaridis and Jim Balsillie, and to put itself up for sale as a whole or in its parts.

RIM, maker of the BlackBerry smartphone and Playbook tablet computer, has seen its stock price battered this year, hurt by waves of negative news and missed earnings forecasts.

Stock in the company hit a 52-week low of $19.29 a share on the Nasdaq on Oct. 4, or less than a third the C$70.54/share high it was trading at in February.

Alboini said a reasonable range for RIM's stock valuation would be between C$40 and C$60/share, depending on what course of transformative action the company chose.

"Everybody is in support of a sale of RIM or another value creative transaction," Alboini said. "Like splitting the company into separate public companies - a network company, a device company and a patents company."

Alboini says RIM's leaders have lost their way in the dramatically changing tech industry landscape, forcing it to play catch-up to the likes of Apple, Google, Microsoft, Samsung Electronics and HTC.

"It is time for RIM to bring in a transformational leader and a respected independent chairman," he said.

(Reporting by Pav Jordan and Alastair Sharp in Toronto; editing by Janet Guttsman)

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.

DON'T MISS

  • Droom has made auto trade a breeze

    Its website lists everything that has a wheel and a motor - from bicycles and super bikes to luxury cars, planes and yachts. …

  • How Hike has taken on global competitors

    The messaging app company had zero users around January 2013. It crossed 35 million users in August 2014 and in January this year claimed over 100 million users. That is a mind-boggling number for any ... …

  • "Internet retailing of books is a wonderful development"

    Richard Charkin, Executive Director, Bloomsbury Publishing, talks to Sapna Nair Purohit about the changing publishing landscape globally. …

  • "India has a competent enough system to check quality standards"

    The $25-billion Indian pharma industry is going through intense regulatory scrutiny. Foreign drug regulators such as the US Food and Drug Adminis-tration (FDA) and EU's European Medicines Agency have increased ... …

  • Final Push

    GST infrastructure is a work in Progress. The government will have to burn the midnight oil if it wants to meet the April 2017 deadline. …

  • TRAI'S Web of Confusion

    The telecom regulator must first simplify its processes before dealing with net neutrality. …

  • Shop Till You Drop

    Once the model shops and establishments act comes into force, shops, malls and cinemas will be allowed to remain open 24x7. But does it make business sense? …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    67.95+1.70+2.57%
    SPICEJET.BO
    12.91+0.32+2.54%
    JPASSOCIAT.BO
    29.95+0.50+1.70%
    IFCI.BO
    17.70-0.40-2.21%
    RENUKA.BO
    87.30-0.85-0.96%
    JINDALSTEL.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    544.10+90.65+19.99%
    INDIANHUME.BO
    37.35+5.10+15.81%
    INDICAP.BO
    376.75+44.15+13.27%
    LUMAXTECH.BO
    171.40+20.05+13.25%
    ABCBEARS.BO
    143.90+16.30+12.77%
    STANROS.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    22.10-5.50-19.93%
    SRDL.BO
    12.60-1.40-10.00%
    SIPL.BO
    23.50-2.30-8.91%
    ALPINEHOU.BO
    616.80-57.30-8.50%
    SAGCEM.BO
    146.05-13.55-8.49%
    AHLWEST.BO
  •  
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

    •  
      Sign-in to view quotes in your portfolios.

    Yahoo Cricket